Before you jump into running your own online business empire you should conduct some sort of planning first!
Why Do a Business Plan?
Uses and Benefits of a Business Plan
A business plan is often prepared when:
- Starting a new organization, business venture, or product (service) or
- Expanding, acquiring or improving any of the above.
There are numerous benefits of doing a business plan, including:
- To identify an problems in your plans before you implement those plans.
- To get the commitment and participation of those who will implement the plans, which leads to better results.
- To establish a roadmap to compare results as the venture proceeds from paper to reality.
- To achieve greater profitability in your organization, products and services — all with less work.
- To obtain financing from investors and funders.
- To minimize your risk of failure.
- To update your plans and operations in a changing world.
- To clarify and synchronize your goals and strategies.
For these reasons, the planning process often is as useful as the business plan document itself.